WARRENDALE, Pa., Nov. 16 /PRNewswire/ -- American Eagle Outfitters, Inc.
(Nasdaq: AEOS) today announced its consolidated financial results for the
quarter ended October 30, 1999.
Third Quarter Ended October 30, 1999
-- Net sales increased 49.4% to $222.7 million from $149.1 million for
the quarter ended October 31, 1998.
-- Comparable store sales increased 26.4% when comparing the same
thirteen week period.
-- Net income for the quarter increased 75.4% to $24.3 million, or
$0.50 per share on a diluted basis, from net income of
$13.9 million, or $0.29 per share on a diluted basis, last year.
-- Diluted weighted average shares outstanding for the current quarter
were 49.0 million compared to 48.0 million outstanding for the prior
quarter.
Year-to-Date For The Thirty-Nine Weeks Ended October 30, 1999
-- Net sales increased 46.0% to $546.7 million from $374.5 million for
the thirty-nine week period last year.
-- Comparable store sales increased 24.5% when comparing the same
thirty-nine week period.
-- Net income year-to-date increased 83.1% to $53.5 million, or
$1.10 per share on a diluted basis, compared to net income of
$29.2 million, or $0.61 per share on a diluted basis last year.
-- Diluted weighted average shares outstanding for the current year
were 48.7 million compared to 47.8 million outstanding for the prior
year.
"We are pleased to report record breaking sales and earnings for the 10th
consecutive quarter," said George Kolber, Vice Chairman and Chief Operating
Officer. "And the future appears just as bright. Our well-positioned,
fashion-right inventory, coupled with our strong, innovative marketing and
quality of service is a powerful combination that we expect will drive record
sales during the all important holiday season."
American Eagle Outfitters, Inc. is a specialty retailer of all-American,
casual apparel, accessories, and footwear for men and women between the ages
of 16 and 34. The Company designs, markets, and sells its own brand of
versatile, relaxed, and timeless classics like AE dungarees, khakis, and
T-shirts, providing high quality merchandise at affordable prices. The
Company currently operates 460 stores in 43 states.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: This release contains a forward-looking statement, which represents
our expectations or beliefs concerning future events, specifically, the
expectation of record sales during the holiday season. All forward-looking
statements made by the Company involve material risks and uncertainties and
are subject to change based on factors beyond the Company's control. Such
factors include, but are not limited to the risk that the Company's holiday
sales will not be as strong as expected and those other risks described in the
Company's filings with the Securities and Exchange Commission. Accordingly,
the Company's future performance and financial results may differ materially
from those expressed or implied in any such forward-looking statements. The
Company does not undertake to publicly update or revise its forward-looking
statements even if experience or future changes make it clear that any
projected results expressed or implied therein will not be realized.
AMERICAN EAGLE OUTFITTERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
October 30, October 31,
1999 1998
ASSETS
Cash and cash equivalents $52,028 $44,045
Short-term investments 63,826 0
Merchandise inventory 81,912 74,934
Other current assets 31,944 20,061
Total current assets 229,710 139,040
Fixed assets, net 78,285 52,534
Other assets 7,508 3,425
Total Assets $315,503 $194,999
Liabilities and Stockholders' Equity
Accounts payable $39,396 $35,766
Accrued compensation and payroll taxes 18,396 12,918
Accrued rent 18,015 12,092
Other current liabilities 16,848 10,723
Total current liabilities 92,655 71,499
Total stockholders' equity 222,848 123,500
Total Liabilities and Stockholders' Equity $315,503 $194,999
Current Ratio 2.48 1.94
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
October 30, October 31, October 30, October 31,
1999 1998 1999 1998
Net sales $222,693 $149,068 $546,679 $374,493
Cost of sales 126,849 88,648 319,220 227,793
Gross profit 95,844 60,420 227,459 146,700
Selling, general and
administrative
expenses 53,708 36,186 133,509 94,191
Depreciation and
amortization 3,193 2,142 8,430 6,201
Operating income 38,943 22,092 85,520 46,308
Interest income, net 1,153 593 2,672 1,676
Income before
income taxes 40,096 22,685 88,192 47,984
Provision for
income taxes 15,759 8,814 34,663 18,755
Net income $24,337 $13,871 $53,529 $29,229
Basic income per
common share $0.52 $0.31 $1.16 $0.65
Diluted income
per common share $0.50 $0.29 $1.10 $0.61
Weighted average
common shares
outstanding - basic 46,562 45,396 46,332 45,160
Weighted average
common shares
outstanding
- Diluted 49,007 48,000 48,682 47,840
Number of store open
at end of period --- --- 457 372
Total square footage
at end of period --- --- 1,990,400 1,566,956
Number of new store
openings, net
of closings 31 25 71 40
SOURCE American Eagle Outfitters, Inc.
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Related links:
http://www.ae-outfitters.com
Company News On-Call:
http://www.prnewswire.com/comp/104763.html or fax,
800-758-5804, ext. 104763
CONTACT:
Laura Weil and George Kolber of American
Eagle Outfitters, 724-776-4857
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